Business News of Friday, 30 August 2024

Source: GNA

L.I to improve property rate collection in the offing

Ghana Revenue Authority Ghana Revenue Authority

The Ministry of Finance has set up a team to among other things draft a Legislative Instrument (LI) for the implementation of the Local Governance Act 936 to improve property rate collection countrywide.

The LI when passed will address existing challenges that hinder the development of an effective system for the collection of the property rate.

“You would recall that the Ghana Revenue Authority (GRA) was tasked to assist Metropolitan, Municipal and District Assemblies to implement a Unified Common Platform (UCP) for property rates administration, enhancement, and collection accountability.

“Following the challenges encountered, the initiative had to be halted by the government to allow both the GRA and the MMDAs to streamline their processes for implementation,” said Mr George Winful, Director for the Revenue Policy Division, Ministry of Finance.

He was speaking at the maiden National Tax Conference held on the theme, “Improving progressive Property Taxation and Tax Compliance: The Key to Increased Domestic Revenue Mobilisation in Ghana.”

The event was organised by Oxfam with funding from the Hewlett Foundation.

Mr Mohammed Anwar Sadat Adam, Programmes and Policy Influency Lead, Oxfam, said progressive taxation was a pathway for ending inequality and injustice which deepened poverty among citizens.

He said Oxfam together with some stakeholders had embarked on initiatives that included building capacities, strengthening alliances between citizens and local authorities and creating social platforms to create awareness of tax responsibilities and discuss revenue mobilisation.

“We also worked with the Ghana Anti-Corruption Coalition at the national level together with other coalition members to generate evidence that contributes to the availability of data on tax administration efficiency, corporate tax behaviour towards fair taxation through the Fair Tax Monitor and the Ghana Responsible Tax Index,” he said.

Mr Dominic Naab, Assistant Commissioner, Policy and Programmes Department, GRA, said his organisation was committed to the efficiency of the tax system and enhancing compliance through effective enforcement, robust education, and collaboration with key stakeholders.

He expressed the readiness of GRA to collaborate with all stakeholders to ensure that progressive taxation became a tool for growth, empowerment, and sustainable development.

“We owe it to our communities and future generations. It is through tax compliance that we can build schools, better education, and infrastructure needed to drive economic growth and social inclusion,” he said.

OXFAM also launched the Fair Tax Monitor which allows for a comparison of tax policies and practices of different countries, and the Ghana Responsible Tax Index (GRTI) report which measures and compares the responsible tax practices of multinational and large companies in Ghana.